South Korean stocks up 1.41 per cent as US recession fears ease

Seoul, Aug 9 (IANS) South Korean stocks traded 1.41 per cent higher late Friday morning as better-than-expected US jobless data revived investors’ appetite for risky assets after the biggest loss earlier this week.

The benchmark Korea Composite Stock Price Index (KOSPI) had gained 36.11 points to 2,592.84 as of 11.20 in the morning, Yonhap news agency reported.

Overnight, latest weekly jobs claim data pushed up US stock indexes, soothing recession fears that had caused a global rout on Monday.

The Dow Jones Industrial Average rose 1.76 per cent, and the tech-heavy Nasdaq composite jumped 2.87 per cent.

In Seoul, large-cap shares led the bullish mode.

Top carmaker Hyundai Motor rose 3.17 per cent and its sister Kia climbed 1.38 per cent.

Defense firm Hanwha Aerospace jumped 3.92 per cent, and steel giant POSCO Holdings increased 2.66 per cent.

But K-pop powerhouse Hybe fell 2.61 per cent, and top instant noodle maker Nongshim declined 1.22 per cent.

The local currency was trading at 1,371.2 won against the US dollar, up 6 won from the previous session.

–IANS

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